First Federal loaned Madeline $20,000 to purchase a new van.The van was for Madeline's personal and family use.First Federal's security interest is a purchase money security interest which perfects only upon filing a financing statement.

Question

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A purchase money security interest (PMSI) in consumer goods, such as a van for personal and family use, generally perfects automatically upon attachment without the need to file a financing statement.

First Federal Loaned Madeline $20,000 to Purchase a New Van